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研究生:崔君瑋
研究生(外文):Chun-Wei TSUI
論文名稱:以投機性交易成本分析探討公私合夥治理之適用性評估與契約變更原則
論文名稱(外文):Opportunism Focused Transaction Cost Analysis of Public-Private Partnership''s Suitability Evaluation and Contract Modification Rules
指導教授:荷世平荷世平引用關係
口試委員:呂守陞姚乃嘉陳永祥曾惠斌謝定亞羅昌發
口試日期:2015-06-11
學位類別:博士
校院名稱:國立臺灣大學
系所名稱:土木工程學研究所
學門:工程學門
學類:土木工程學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:英文
論文頁數:103
中文關鍵詞:公私合夥模式專案治理架構控制股東與少數股東利益衝突箝制問題重啟談判契約變更交易成本經濟學法律經濟分析
外文關鍵詞:Public-Private PartnershipsGovernance StructurePrincipal-Principal ProblemHold-up ProblemRenegotiationContract ModificationTransaction Cost EconomicsLaw and Economics Analysis
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公私部門合夥推動基礎建設專案(公私合夥模式)的關鍵優勢在於:有效整合資源、提升經營效率。然而,其潛在的交易成本及無效率,經常受到低估、甚至忽略,導致公私合夥模式被誤用於不適合的專案,最終可能造成專案的失敗。本研究從交易成本經濟學的角度,分析在什麼情況、什麼原因下,公私合夥模式會變成一種高成本的專案治理架構。此外,本研究並研究專案的需求風險問題,分析在履約階段的契約變更原則,探討在哪一種法律原則下,需求風險所帶來的交易成本能夠被降至最低。具體來說,本研究以交易成本經濟學為基礎,提出公私合夥模式之治理架構理論。此項理論主張,有三類潛藏於公私合夥模式中的重要投機問題,可能造成重大的交易成本,並使公私合夥模式成為高成本的專案治理架構。這三類重要的投機問題包括:控制股東與少數股東間之利益衝突(principal-principal problem)、廠商主導的箝制問題(firm hold-up problem)、及政府主導的箝制問題(government-led hold-up problem)。其次,本研究也指出造成上述投機問題的專案性特徵及制度性特徵。根據這些特徵,本研究提出投機性交易成本之分析架構,輔助實務上評估公私合夥模式之可行性分析。再就事後的角度分析,對於採行公私合夥模式的專案,需求風險是影響專案成敗的關鍵因素之一。倘若營運期間的實際需求與特許契約簽約時的預測不相符合,可能造成專案的營收不足,或者特許公司獲得超額利潤,導致增加民間投資人的風險貼水、政府的政治成本及專案整體的交易成本。就此相關問題,本研究分析其適用之特許權變更原則,檢驗各不同法律原則的效率性,並依據需求風險的高低,提出較有效率的法律原則。此外,本研究採取個案研究法,作為理論發展的一部分,並據以評估本研究所提出之理論,及闡釋該理論於實務上之運用方式。

While the higher efficiency due to better pooling of resources is greatly emphasized in public-private partnerships (PPPs) for infrastructure projects, the embedded transaction inefficiencies are often understated or even ignored. As a result, PPPs can be misused for unsuitable projects, and failure of the projects may thus be expected. Through the lens of transaction cost economics (TCE), this study aims to answer why and when PPPs may become a costly project governance structure. Furthermore, this research studies issues on the project demand risk. It analyzes various contract modification principles applied during the stage of contract performance, and identifies the legal rules under which the transaction costs arising out of demand risk may be efficiently minimized. Specifically, this study develops a TCE-based theory of PPPs as a governance structure. This theory suggests that three major opportunism problems embedded in infrastructure PPPs are possible to cause substantial transaction costs and render PPPs a costly governance structure. The three main opportunism problems are principal-principal problem, firm’s hold-up problem, and government-led hold-up problem. In addition, project and institutional characteristics that may lead to opportunism problems are identified. Based on these characteristics, an opportunism-focused transaction cost analysis (OTCA) of PPPs as a governance structure is proposed to supplement the current practice of PPP feasibility analysis. Furthermore, from the perspective of ex post management the demand risk can be one of the critical elements of PPP project success. If the actual demand during the project operation comes out to be less than the initial prediction, the resulting shortfalls in operating revenues may cause private promoters to request high risk premiums for future investment in PPP projects. On the other side, if the actual demand comes out to be higher than the initial prediction, excess profits that the concession company may earn from the project can impose political costs on the government. This study analyzes the applicable contract modification principles addressing the related problems of demand risk, and identifies the legal rules that may efficiently minimize the total transaction costs. In addition, as a part of theory development, this study uses case analysis to evaluate the proposed theory and to illustrate how the proposed OTCA can be applied in practice. Policies and administration strategies for infrastructure PPPs are derived based on the proposed theory.

Chapter 1 Introduction 1
1.1 Research Background and Motivations 1
1.2 Research Aims and Objectives 2
1.3 Research Methodology 3
1.4 Contributions and Limitations 4
1.5 Framework of the Dissertation 5


Chapter 2 Literature Review 7
2.1 Public-Private Partnerships 7
2.2 Transaction Cost Analysis of Governance Structure 10
2.3 Law and Economics Analysis of Formal Institution 13


Chapter 3 Opportunism-Focused Transaction Cost Analysis (OTCA) of Using PPPs as Project Governance Structure 16
3.1 TCE View of PPPs as a Project Governance Structure for Delivering Infrastructure 16
3.2 PPPs'' Unbalanced Profit Pool Syndrome 19
3.2.1 Promoters’ Profit Pool in a PPP Project 20
3.2.2 Unbalanced Profit Pool Syndrome 22
3.3 Opportunism Problems, Contributing Characteristics, and the Transaction Costs in Infrastructure PPPs 22
3.3.1 Principal-Principal Problem in Infrastructure PPPs 23
3.3.2 Firm Hold-Up Problem in Infrastructure PPPs 31
3.3.3 Government-Led Hold-Up Problem in Infrastructure PPPs 38
3.4 Concluding Remarks 42


Chapter 4 The Application of Opportunism-Focused Transaction Cost Analysis (OTCA) to Evaluating Opportunism Problems of PPPs 43
4.1 The Application of OTCA to Various Types of Transport Projects 43
4.1.1 Greenfield PPPs versus Brownfield PPPs 43
4.1.2 Transaction Costs of High Speed Rail PPPs 44
4.1.3 Transaction Costs of Toll Road PPPs 46
4.1.4 Transaction Costs of Mass Rapid Transit PPPs 47
4.1.5 Transaction Costs of Airport PPPs 47
4.2 The Application of OCTA to the Individual Transport Project 49
4.3 Policy Implications on Using PPPs for Infrastructure Projects 52
4.3.1 Policy Implication on PPPs Feasibility Analysis 52
4.3.2 Policy Implications on Project Tendering and Administration 53
4.4 Concluding Remarks 54


Chapter 5 Case Studies of Opportunism-Focused Transaction Cost Analysis (OTCA) of PPPs 57
5.1 Analysis of Channel Tunnel 58
5.1.1 Problems in Project Tendering 58
5.1.2 Financial Distresses and Restructuring 59
5.1.3 Analysis of Issues on Opportunism-Focused Transaction Costs 60
5.1.4 Case Conclusions 63
5.2 Analysis of Taiwan High Speed Rail 64
5.2.1 Problems in Project Tendering 65
5.2.2 Crises Encountered During the Construction 66
5.2.3 Financial Distresses 67
5.2.4 Analysis of Principal-Principal Problem 68
5.2.5 Analysis of Issues on Hold-up Problems 70
5.2.6 Case Conclusions 72
5.3 Cross-Cases Analysis: Overall Evaluation 72


Chapter 6 Analysis of Contract Modification Principles in PPPs: Theoretical Analysis and Case Studies 76
6.1 Theoretical Analysis 76
6.1.1 Demand Risk in PPP Projects 76
6.1.2 Contract Modification Principles for Projects with Low Demand Risk 79
6.1.3 Contract Modification Principles for Projects with High Demand Risk 83
6.1.4 Risk and Profit Sharing Mechanism: Shadow Toll Payment Model 86
6.2 Case Studies 87
6.3 Concluding Remarks 91


Chapter 7 Conclusions 93


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